Monday, November 4, 2019

Achievements of the EU

Achievements of the EU Mao Julin Hay Jean Leang Pisey Kim Chansreynich Hao Kanhamonisopea Bun Kimsour European Union (EU) is a union formed by mainly European countries, which is established in term of economy and politics. Its origin is European Community that formally created in November 1, 1993 which involves with 6 members-Belgium, Germany, France, Italy, Luxembourg and Netherland. Nowadays, there are 28 members. EUÃ¢â¬â¢s headquarter is located in Brussels, Belgium. So far, European Union has reached many achievements such as the promotion and expansion of cooperation with its Member States in economic, trade, social issues, foreign policy, security, defense, and judicial issues. Another major accomplishment of EU is the Economic and Monetary Union (EMU) that makes EU succeed in having a single currency (EURO) along with a common monetary policy. EU is famous for its economy on which many countries around the world are being focused. Economic integration is one of the main goals that EU has considered since its first establishment in 1957, and it has a significantly visible success based on fundamentally by a single currency-the Euro. It is a common currency in the circle of euro area that recently can facilitate the monetary circulation in 18 countries of the member states. Interestingly, its achievement of becoming the second largest currency of the world after dollars has pushed the European communityÃ¢â¬â¢s economy to flourish further. Euro contributes to maintain the stability and prospect of economic society climate, which attract more investment and international or regional trade through the convenient calculation without involving with the foreign exchange rate. The common monetary policy has been adopted in order to acquire greater achievement, common objective and ensure benefits of all euro area states that use euro as their currency. In addition, cross-border trade and investment are the ultimate goal of Euro zone countries. EU removed trade barri ers in order to facilitate the flow of goods and services, which can fill in each otherÃ¢â¬â¢s gap between the Member States. The common purpose is to increase competition and take away all restriction obstacles of the free movement of goods in the Common Market so that they can accelerate the economic development. The mobility of products, goods and capital facilitate human consumption within the region. Moreover, the free movement of capital is intended to permit movement of investments such as property purchase and buying of shares between countries. All intra-EU transfers in euro are considered as domestic payments and bear the corresponding domestic transfer costs. Another EU achievement is a so-called Custom Union, which was established in an attempt to adopt the common arrangement for imports from other countries based on common external tariff, provides to all members. This effort is made to develop the world trade and facilitate trade beyond border from all countries arou nd the world. What is more important about its achievements is to establish a society with the same rule for different nationalities; for example, people from each country in the name as membership of EU can possibly travel and move freely to settle down, work, retire, or vote, either permanently or temporarily, without any discrimination. For students who want to experience cross-border education. Thousands of students from EU citizen can get a common standard of education simultaneously experience intercultural understanding and good condition of living and studying in other European member states annually. Due to common passport creation, it has been granted to EU people in order to be indicated as EU citizen and move freely.